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#329: Cut Your Losses

Posted By Mark Haas CMC FIMC, Thursday, June 17, 2010
Updated: Thursday, June 17, 2010
Boredom doesn't quite describe it, but I have been providing some consulting services for a long time and they don't excite me like they used to. Clients still demand them so why should I change my business?

This issue is at the heart of your value as a consultant. Part of what you bring to your clients is your skills and experience. Part is your enthusiasm and leadership. If you can't bring both, then it's time for a change. Maybe it is time to think about a different line of work. No, I don't mean something other than consulting, just changing the suite of services you provide.

Most important is to cut your losses - trim a service that you haven't enhanced in a while. Look at your services. Is what you offer better than similar services provided by others? Could you write an article about it that includes the latest trends and insights about the needs of people who use this service? If not, it's time to give up that old tired service and develop some new ones. Agreeing to stop offering a service on a certain date is often just the thing to help you create a newer, high value one.

Tip: Run your plan by a colleague who knows you personally as well as professionally to validate your strategy.

© 2010 Institute of Management Consultants USA

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